Regeneron Pharmaceuticals has entered into a strategic agreement with Telix Pharmaceuticals to jointly develop next-generation oncology treatments, in a deal valued at up to $2.1 billion in milestone payments. The radiopharma collaboration will combine Regeneron’s antibody-based discovery capabilities with Telix’s isotope delivery platforms, targeting multiple solid tumor indications. Both companies will equally share development costs and commercial returns under a 50/50 structure, reflecting a balanced partnership approach.
The radiopharma deal centers on leveraging Regeneron’s VelocImmune-derived antibody portfolio to design targeted radiopharmaceutical therapies. These treatments are intended to deliver radiation directly to cancer cells with greater precision. “Regeneron is excited to enter the targeted radiopharmaceuticals space and explore the utility of these agents either as monotherapy or rationally combined with our immunotherapy platform, particularly in areas of high unmet patient need such as lung cancer, where our PD-1 inhibitor is a global standard of care,” said Israel Lowy, MD, PhD, senior vice president and clinical development unit head, oncology at Regeneron. The companies will initially focus on selected tumor targets, with the option to expand into additional programs over time.
Alongside therapeutic development, both firms will co-develop diagnostic agents designed to improve patient selection and enable ongoing monitoring of treatment response. This integrated theranostic approach reflects a broader shift in oncology toward combining diagnostics and therapeutics. “At Regeneron, we follow the science to determine the best therapeutic approach for each disease, continuously expanding our toolbox of treatment modalities, from monoclonal and bispecific antibodies to cell therapies and beyond. Targeted radiopharmaceuticals represent a rapidly emerging frontier in oncology and an exciting opportunity to bring new treatment options to patients in need,” said John Lin, MD, PhD, senior vice president of oncology and antibody technology research at Regeneron. From Telix’s standpoint, the partnership builds on its expertise in radiopharmaceutical development, including isotope selection, radiochemistry, and a global manufacturing and supply network.
Financially, the radiopharma deal includes a $40 million upfront payment from Regeneron, granting access to Telix’s platform for four initial therapeutic programs. Additional programs may be added through further payments. Telix is eligible to receive up to $2.1 billion in development and commercial milestones, alongside low double-digit royalties. “The collaboration with Regeneron reflects a highly complementary set of capabilities and a unique opportunity to explore what true ‘next gen’ biologics-based radiopharmaceuticals can potentially do for patients,” said Christian Behrenbruch, DPhil, managing director and group CEO at Telix. The radiopharma collaboration also allows Telix the option to co-promote certain products or receive milestone payments and royalties if it opts out of co-funding specific programs.
